Computation of Ratio of Earnings to Fixed Charges
(Dollars in Millions) | Three Months Ended September 30, 2016 | Nine Months Ended September 30, 2016 | ||||||||||
Earnings |
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1. | Net income attributable to U.S. Bancorp | $ | 1,502 | $ | 4,410 | |||||||
2. | Applicable income taxes, including expense related to unrecognized tax positions | 566 | 1,612 | |||||||||
3. | Net income attributable to U.S. Bancorp before income taxes (1 + 2) | $ | 2,068 | $ | 6,022 | |||||||
4. | Fixed charges: |
| ||||||||||
a. | Interest expense excluding interest on deposits* | $ | 266 | $ | 768 | |||||||
b. | Portion of rents representative of interest and amortization of debt expense | 27 | 82 | |||||||||
c. | Fixed charges excluding interest on deposits (4a + 4b) | 293 | 850 | |||||||||
d. | Interest on deposits | 161 | 452 | |||||||||
e. | Fixed charges including interest on deposits (4c + 4d) | $ | 454 | $ | 1,302 | |||||||
5. | Amortization of interest capitalized | $ | — | $ | — | |||||||
6. | Earnings excluding interest on deposits (3 + 4c + 5) | 2,361 | 6,872 | |||||||||
7. | Earnings including interest on deposits (3 + 4e + 5) | 2,522 | 7,324 | |||||||||
8. | Fixed charges excluding interest on deposits (4c) | 293 | 850 | |||||||||
9. | Fixed charges including interest on deposits (4e) | 454 | 1,302 | |||||||||
Ratio of Earnings to Fixed Charges |
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10. | Excluding interest on deposits (line 6/line 8) | 8.06 | 8.08 | |||||||||
11. | Including interest on deposits (line 7/line 9) | 5.56 | 5.63 |
* | Excludes interest expense related to unrecognized tax positions. |
U.S. Bancorp | 83 |